Debt financing
Lender to SMEs Oxyzo raises Rs.533-Cr from Neo Group, others
Gurugram-based fintech unicorn Oxyzo , the lending arm of IPO-bound B2B (business-to-business) e-commerce startup OfBusiness, has secured INR 533 crore (around USD 62.4 million) in a debt funding round led by Neo Group.The Ruchi Kalra-led startup issued 53,300 non-convertible debentures (NCDs) at INR 1 lakh apiece to multiple investors to raise the sum.Of the total, Neo Group put in INR 200 crore in Oxyzo through its alternative asset management arm Neo Asset Management, wealth management arm Neo Wealth Partners, and its alternative investment funds (AIFs) – Neo Income Plus Fund and Neo Special Credit Opportunities Fund.Aditya Birla Sun Life AMC infused INR 100 crore, while Hinduja Leyland Finance invested INR 75 crore. Northern Arc Capital invested INR 50 crore in the startup.Oxyzo plans to use the funds for its business operations, including lending to SMEs (Small and Medium Enterprises).Started in 2016 by Ashish Mohapatra, Bhuvan Gupta, Ruchi Kalra and Vasant Sridhar as the lending platform of OfBusiness, Oxyzo lends to SMEs for buying raw materials and machinery and meeting their supply chain & working capital requirements.
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